Houston Fuel Oil Terminal Company Optimizes Operations With Solutions from AspenTech and PetroVantage
Solution delivers operational efficiencies with improved customer service and provides platform to support ambitious growth plansAspen Technology, Inc. (Nasdaq: AZPN) today announced that it has licensed an integrated solution to Houston Fuel Oil Terminal Company (HFOTCO) combining technologies from AspenTech and its subsidiary, PetroVantage(TM). The solution will enable HFOTCO to optimize its operations and provide improved customer service. AspenTech recognized license revenue from the agreement in December 2001.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000811/ASPENLOGO )
HFOTCO stores, blends and moves residual oil and crude oil for carbon black manufacturers, refineries, bunker suppliers and oil traders. By integrating AspenTech's supply chain and real-time information management solutions with PetroVantage's collaborative trading and logistics software, HFOTCO will be able to streamline its business processes and achieve new efficiencies for its customers.
"AspenTech and PetroVantage have a deep understanding of the unique and complex issues that terminal companies in the petroleum industry face every day in coordinating their logistics operations," said Willis Rossler, CEO of HFOTCO. "This solution enables us to offer new services to our customers, improve the efficiency of our operations and provides us an ideal foundation to support our growth program."
The solution is made up of a number of key elements. PetroVantage's software enables HFOTCO customers to use web-based consoles to access their inventory positions, place orders, and schedule dock space and movements. This system is integrated with AspenTech's supply chain tools to improve visibility of the scheduling of ship and barge arrivals, as well as the associated unloading, blending, storage and movements of oil. The increased visibility and automation delivered by the AspenTech and PetroVantage solutions will enable HFOTCO customers to reduce their demurrage costs and improve productivity.
"This agreement highlights the synergies between PetroVantage's domain expertise and software solution in the area of trading and logistics operations and coordination, and AspenTech's well-proven supply chain optimization tools," said Larry Evans, Chairman and CEO of AspenTech. "One of our strategic intents in forming PetroVantage has been to leverage such synergies so we can deliver increased levels of value to our customers, and also generate business opportunities with a wider range of companies in the petroleum industry."
About Houston Fuel Oil Terminal Company
Houston Fuel Oil Terminal Company (HFOTCO) is the largest black oil facility on the US Gulf Coast. HFOTCO stores, blends and transships residual oil and crude oil via pipeline, barges and ships for electric utilities, carbon black manufacturers, refiners, traders and bunker suppliers. Situated in the Houston Ship Channel, HFOTCO began operation in 1979, and is owned by a partnership between Shell Oil and Chartco Terminals, L.P.. For more information, visit http://www.hfotco.com.
Aspen Technology, Inc. is a leading supplier of integrated software and solutions to the process industries. The company's Aspen ProfitAdvantage(TM) solution enables companies to identify and maximize profit opportunities throughout their entire value chain -- from the supply of raw materials, through the production of goods, to the delivery of final products to customers. The Aspen ProfitAdvantage solution encompasses engineering, manufacturing, supply chain and e-business collaboration technologies, providing the tools that enable manufacturers to design, optimize and execute business processes in real time. Over 1,200 leading process companies already rely on AspenTech's 21 years of process industry experience to increase revenues, reduce costs and improve capital efficiency. AspenTech's customers include: Air Liquide, AstraZeneca, Bayer, BASF, BP, Chevron, Dow Chemical, DuPont, ExxonMobil, GlaxoSmithKline, Lyondell Equistar, Merck, Mitsubishi Chemical, and Unilever. For more information, visit http://www.aspentech.com.
Certain paragraphs of this press release contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. For this purpose, any statement using the term "will," "should," "could," "anticipates," "believes" or a comparable term is a forward-looking statement. Actual results may vary significantly from AspenTech's expectations based on a number of risks and uncertainties, including: AspenTech's lengthy sales cycle which makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; AspenTech's need to hire additional qualified personnel and its dependence on key current employees; intense competition; AspenTech's dependence on systems integrators and other strategic partners; changes in the market for e-business solutions for AspenTech's customers; increased governmental regulation and taxation of e-commerce and the Internet; information security and privacy concerns relating to e-commerce; and other risk factors described from time to time in AspenTech's periodic reports and registration statements filed with the Securities and Exchange Commission. AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. Moreover, neither AspenTech nor anyone else assumes responsibility for the accuracy and completeness of any forward-looking statements. AspenTech undertakes no obligation to update any of the forward-looking statements after the date of this press release.
AspenTech, Aspen ProfitAdvantage, PetroVantage and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
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